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A free day trading simulator replicates real-time market conditions, allowing traders to practice strategies in a risk-free environment. Similar to demo accounts, no deposit is required and virtual funds are provided. We have tested free trading simulators and listed them below with full reviews.
To list the best day trading simulators in 2024, we took into account:
- The assets and markets you can practice trading
- How closely the simulator mirrors live market conditions
- Whether there is a backtesting engine with access to historical data
- The quality of the broker’s live account if you switch to real-money trading
Brokers With The Best Day Trading Simulators
These are the top 5 simulators for day traders with paper funds:
- FOREX.com
- Interactive Brokers
- NinjaTrader
- eToro USA
- OANDA US
Day Trading Simulators Comparison
| Broker | Free Trading Simulator | Trading Platforms | Instruments | Visit |
|---|---|---|---|---|
| | ✔ | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral | Forex, Spot Metals | Visit |
| | ✔ | Trader Workstation (TWS), Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies | Visit |
| | ✔ | NinjaTrader Desktop, Web & Mobile, eSignal | Forex, Stocks, Options, Commodities, Futures, Crypto | Visit |
| | ✔ | eToro Trading Platform & CopyTrader | Stocks, Options, ETFs, Crypto | Visit |
| | ✔ | OANDA Trade, MT4, TradingView, AutoChartist | Forex, Crypto | Visit |
| | ✔ | MT4, MT5 | CFDs, Forex, Indices, Commodities, Stocks, Crypto | Visit |
| | ✔ | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | Visit |
| | ✔ | Web, MT4, MT5 | Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos | Visit |
| | ✔ | Online Platform, TradingView | Binary Options, CFDs, Forex, Indices, Commodities, Crypto | Visit |
| | ✔ | WebTrader, App | Futures on Forex, Commodities, Cryptos, Indices, Interest Rates | Visit |
| | ✔ | Desktop Platform, Mobile App | Stocks, Options, ETFs, ADRs, OTCs | Visit |
| | ✔ | TradingView | Binary Options, CFDs, Forex, Indices, Commodities, Crypto | Visit |
| | ✔ | Desktop Platform, Mobile App | Cryptos | Visit |
| | ✔ | Scope Trader, MT4, MT5 | Forex, CFDs, Stocks, Commodities, Indices, Futures | Visit |
| | ✔ | Own | Stocks, ETFs, OTC stocks | Visit |
#1 - FOREX.com
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Review
Why We Chose FOREX.com
Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
- DayTrading Review Team
- Instruments: Forex, Spot Metals
- Regulator: NFA, CFTC
- Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
- Minimum Deposit: $100
- Minimum Trade: 0.01 Lots
- Leverage: 1:50
Pros
- There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
- Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
- With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
Cons
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
- There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
Visit FOREX.com
#2 - Interactive Brokers
Why We Chose Interactive Brokers
Interactive Brokers (IBKR) is a premier brokerage for experienced traders, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
- DayTrading Review Team
- Instruments: Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
- Regulator: FCA, SEC, FINRA, CBI, CIRO, SFC, MAS, MNB
- Platforms: Trader Workstation (TWS), Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
- Minimum Deposit: $0
- Minimum Trade: $100
- Leverage: 1:50
Pros
- With low commissions, tight spreads and a transparent fee structure, IBKR delivers a cost-effective environment for short-term traders.
- There's a vast library of free or paid third-party research subscriptions catering to all types of traders.; plus, you can enjoy commission reimbursem*nts from IBKR if you subscribe to Toggle AI.
- The TWS platform has clearly been built for intermediate and advanced traders and comes with over 100 order types and a reliable real-time market data feed that rarely goes offline.
Cons
- Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
- TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
- IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
Visit Interactive Brokers
#3 - NinjaTrader
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Review
Why We Chose NinjaTrader
NinjaTrader is a US-headquartered and regulated brokerage that specializes in futures trading. There are three pricing plans to suit different needs and budgets, as well as ultra-low margins on popular contracts. The brand's award-winning charting software and trading platform also offers a high-degree of customization and superb technical analysis features.
"NinjaTrader continues to meet the demands of active futures traders looking for low fees and premium analysis tools. The platform hosts top-rate charting features including hundreds of indicators and 10+ chart types."
- DayTrading Review Team
- Instruments: Forex, Stocks, Options, Commodities, Futures, Crypto
- Regulator: NFA, CFTC
- Platforms: NinjaTrader Desktop, Web & Mobile, eSignal
- Minimum Deposit: $0
- Minimum Trade: 0.01 Lots
- Leverage: 1:50
Pros
- Traders can get free platform access and trade simulation capabilities in the unlimited demo
- You can get thousands of add-ons and applications from developers in 150+ countries
- NinjaTrader continues to deliver comprehensive charting software for active day traders with bespoke technical indicators and widgets
Cons
- The premium platform tools come with an extra charge
- There is a withdrawal fee on some funding methods
- Non forex and futures trading requires signing up with partner brokers
Visit NinjaTrader
#4 - eToro USA
Why We Chose eToro USA
eToro is a social investing platform that offers short-term and long-term trading on stocks, ETFs, options and crypto. The broker is well-known for its user-friendly community-centred platform and competitive fees. With FINRA and SIPC oversight and millions of users across the world, eToro is still one of the most respected brands in the industry. eToro securities trading is offered by eToro USA Securities, Inc.
"eToro remains a top pick for traders looking for leading social investing and copy trading services. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer day traders."
- DayTrading Review Team
- Instruments: Stocks, Options, ETFs, Crypto
- Regulator: SEC, FINRA
- Platforms: eToro Trading Platform & CopyTrader
- Minimum Deposit: $10
- Minimum Trade: $10
Pros
- The $10 minimum deposit and straightforward account opening process means beginners can get started quickly
- The broker's Academy offers comprehensive learning materials for beginners to advanced-level investors
- A free demo account means new users and prospective day traders can try the broker risk-free
Cons
- There's no MetaTrader 4 platform integration for traders who are accustomed to using third-party charting tools
- There's a narrower range of day trading instruments available compared to competitors, with only stocks, ETFs and cryptos
- The proprietary terminal doesn't support trading bots and there are no additional stock market analysis tools
Visit eToro USA
#5 - OANDA US
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Review
Why We Chose OANDA US
OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available for short-term traders, alongside flexible contract sizes and automated trade executions.
"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."
- DayTrading Review Team
- Instruments: Forex, Crypto
- Regulator: NFA, CFTC
- Platforms: OANDA Trade, MT4, TradingView, AutoChartist
- Minimum Deposit: $0
- Minimum Trade: 0.01 Lots
- Leverage: 1:50
Pros
- The broker offers a transparent pricing structure with no hidden charges
- Seasoned day traders can access industry-leading tools, including an MT4 premium upgrade and advanced charting provided by MotiveWave
- There's a strong selection of 68 currency pairs for dedicated short-term forex traders
Cons
- It's a shame that customer support is not available on weekends
- There's only a small range of payment methods available, with no e-wallets supported
- The range of day trading markets is limited to forex and cryptos only
Visit OANDA US
How We Compare Brokers With Trading Simulators
To rank the best day trading simulators, our experts considered:
Investment Offerings
Most day trading simulators offer access to stocks and forex. However, the top programs also provide other assets and instruments, including commodities, cryptocurrencies, and futures.
We prefer providers that offer access to a wide range of markets. Not only does this provide portfolio diversification opportunities, but it also means you don’t need to open several paper trading accounts at different firms.
Entry Requirements
The top brokersprovide free access to their day trading simulators, which will serve most beginners. This also comes with the advantage that you can effectively test an online broker before upgrading to a real account.
Alternatively, experienced traders may prefer to trial ideas through a paid service that offers richer market data and more advanced tools. TraderSync is a good option here.
The user-friendly software offers custom playlists whereby you can quickly replay various trade setups. It also offers data on daily returns, total profits, total losses, returns from going long and short, and the net overall profit or loss.
Platform Features
The quality of the trading platform or app where you will simulate trades is an important consideration.
We look at the breadth of technical analysis tools, such as charts and indicators.
Our team also note that many investors are interested in automated trading. So, we consider whether there is access to a free simulator on MetaTrader 4 (MT4) – industry-leading software that comes with Expert Advisors (EAs).
Having said that, beginners may prefer a no-frills day trading simulator from a broker like TradeNation.
This easy-to-use program walks you through the basics of setting up a day trade, from using margin to risk management parameters:
How you access the simulator service is also key. The best brokers offer a simple browser-baed solution, while other firms offer platforms that can be downloaded on Windows, Mac and Linux operating systems.
Alternatively, there may be mobile apps available for Apple and Android devices.
Simulated Market Conditions
Our experts assess how well the simulator mirrors true market conditions.
Good providers offer accurate and realistic pricing spanning a variety of markets as well as sufficient historical data for backtesting.
Based on our tests, the top firms offer upwards of 4 years of historical information with level 2 market data.
Live Account Conditions
A day trading sim is a great place to start, but many traders will eventually want to upgrade to a real-money account. With this in mind, our team evaluate the live trading conditions available at providers.
In our experience, the best brokers offer an accessible minimum deposit of <$500, tight spreads with low to zero commissions, and around-the-clock customer support to help new traders get started.
We also favor brokers authorized by tier-one regulators, such as the UK Financial Conduct Authority and the Australian Securities & Investments Commission. This is a good indication that a brokerage can be trusted.
Final Thoughts
A day trading simulator is one of the best ways to improve your trading skills. After spending time in a fake trading account, you can then switch to a live account with real money.
With this in mind, day trading simulators should not be treated as a game, but rather a tool to build confidence and test trading concepts.
Also, remember that there is no guarantee that strategies which are successful in a simulator will make money in a real account.
FAQs
What Is A Day Trading Simulator?
A day trading simulator works like a demo account, allowing traders to test and refine strategies using virtual funds.
The best programs closely replicate live conditions and also offer a backtesting engine, so traders can simulate strategies using historical data.
How Do Day Trading Simulators Work?
Day trading simulators use market data to create a trading environment that is similar to live conditions. As a result, clients can test out strategies using both real-time information and historical data.
Most brokers with day trading simulators do not require a deposit to access the test environment. Upon sign-up, you will receive a sum of virtual funds to practice trading stocks, forex or another product. This is typically in the range of $10,000 to $100,000.
What Is The Best Day Trading Simulator?
Our experts have reviewed, compared and listed the best day trading simulators with full reviews.
To rank the top simulators, we considered the assets you can practice trading on, the quality of the trading software, the amount of virtual money available, and any joining requirements.
Should I Use A Day Trading Simulator?
Day trading simulators offer several advantages. Primarily, they provide a risk-free environment to test new strategies. Beginner traders can build their confidence and develop good trading habits, while seasoned investors can trial new trade setups.
The best trading simulators are also available outside of core trading hours, allowing you to backtest ideas on the weekend, for example.
What Are The Risks Of Day Trading Simulators?
Day trading simulators cannot replicate the emotions you feel when trading with real money. As such, a day trading sim will not expose you to the same level of pressure, which can lead to over-confidence in paper trading mode.
Often, simulators will not account for all the costs that come with live trading. For example, sims rarely include slippage, which is the difference between the expected price and the actual execution price.
Finally, a strategy may work when you backtest it against historical data, but there is no guarantee it will work going forward with real money.
Are Day Trading Simulators Free?
Many brokers offer free day trading simulators.For example, eToro provides free access to its stock market and forex trading simulator for all traders that register an account.
There are even trading sims where no login details or sign-up is required, available from brokers like TradeNation. However, in our experience, these normally offer fewer features and tools.
Article Sources
The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com
